KSE ends week by over-7,000-point price fall - report

KUWAIT, July 3 (KUNA) -- The Kuwait Stock Exchange (KSE) finished this week by a notable drop due to the negative reflections of political developments and profit-taking operations involving small and leading shares.
Trading closed on a red note with all main indices down as the weighted index slipped 2.18 points to 475.3 points, the price index slipped 21.98 points to 7,004.31 points, and the KSX 15 ended the day at 1,163.19 points on a down of 8 points.
The fall came following Wednesday's rise because of a strong purchasing wave against the backdrop of claims on some groups' acquisition of a listed food company.
From the beginning of the session, the performance was overshadowed by a sharp dip in traded liquidity values just as was the case in June owing to sale pressure.
An influential investment group played a significant role in encouraging some dealers to highly purchase its shares while another group, which has shares in Kuwait and Dubai stock exchanges, had static price levels.
There were also speculations in low-priced shares with a view to pressuring small investors to give their stocks up as part of stock-collecting operations.
Speaking to KUNA, Mohammad Al-Tarrah, a financial analyst, said the market would continue at the same pace until the end of the holy month of Ramadan and even during Eid al-Fitr.
Ahmad Al-Shemeri, a dealer, said the bourse needs to revise some pieces of legislation in order to attract investors, something which requires a rethink about conditions imposed on listed firms.
The session saw 2,621 trades worth KD 11.466 million, with 123.27 million stocks changing hands.
As for sector performance, the curtain fell on a mixed board of seven red readings, three green readings, and another three sectors showing no change.
The parallel market sector was green.
Top share for the day was (FLEX), biggest loser was (HCC), and the most traded shares were (GFH), (ALMADINA), (GIH), (GNAHC), and (DANAH). (end) mkm.mb.mt